The global electric tankless water heater market is segmented into application type, set up location type and features. Among application type, residential sector segment is expected to occupy the top position in the market. The demand in residential sector is increasing on account of its high efficiency and less maintenance complexities.
The global electric tankless water heater market is expected to register a CAGR of 6.19 per cent between 2016 and 2023, according to a report titled “Global Electric Tankless Water Heater Market Outlook 2023” by Research Nester.
Moreover, the market of electric tankless water heater was valued at $929.5 million in 2016. The market is expected to expand on the back of the rising demand for energy saving and advance home appliances.
The indoor electric tankless water heater is estimated to register a CAGR of 5.91 per cent during the forecast period. The compact size of electric tankless water heaters is one of the major factors which are encouraging the consumers to install indoor electric tankless water heaters. The space utilization concern is another factor which is rising the popularity of indoor electric tankless water heaters.
Rising investment in Real Estate Sector
The real estate growth is primarily driven by the enhancement of construction and housing sector with advanced and luxury features. Further, in order to provide advance and luxury equipped houses, real estate buidlers are adopting the electric tankless water heater. Moreover, the rising investment in the infrastructural facilities to build luxury residential societies would increase the demand for the electric tankless water heaters in the coming few years.
Rising demand for energy efficient and advance technology home appliances
Factors such as low space utilisation, high energy efficiency, and superior service life of tankless water heaters are leading to the increased adoption of the electric tankless water heaters across the globe. These advantages of electric tankless water heaters over other conventional water heaters are the major reason which is driving the growth of this market. Moreover, governments across various countries are promoting tankless water heaters through various policies, subsidies and rebates. This factor is further propelling the demand for the growth of the market.
Although, high cost of these heaters, lack of awareness about the advantages and benefits of electric tankless waters heaters are some of the factors that are likely to inhibit the growth of the electric tankless water heater market in the near future.
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